27.10.2017 / 07:00
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Strong revenue and earnings growth

- Revenue increased by 20.3% or EUR52.7m to EUR312.5m (prior year: EUR259.8m)

- EBIT up by 49.2% or EUR12.4m to EUR37.6m (prior year: EUR25.2m)

- Growth in Europe and North America driven by Equipment and Service

- Full-year outlook unaltered: revenue expected to be at least EUR420m with EBIT margin at least 12.0%

Augsburg, October 27, 2017 - After another strong third quarter (Q3 2017: EUR102.6m; prior year: EUR90.6m), revenue for the nine months ending September 2017 of WashTec Group - the leading supplier of innovative solutions for the carwash business worldwide - was EUR312.5m, EUR52.7m or 20.3% higher than in the prior-year period (EUR259.8m). As in previous quarters, the revenue growth was primarily generated in Equipment and Service. The positive performance trend was sustained across all customer segments both in Europe (revenue increase of 15.2% or EUR32.4m) and North America (revenue increase of 60.8% or EUR23.4m). Major customers notably contributed to the above-average growth in North America. Third-quarter revenue growth was once again in double figures, at 13.2%.

Mainly due to the positive revenue performance, EBIT improved disproportionately by 49.2% to EUR37.6m (prior year: EUR25.2m) at the same time as investment was made in further growth. Third-quarter EBIT increased by 30.9% or EUR3.0m to EUR12.7m (prior year: EUR9.7m), EBIT margin was at 12.3% (prior year: 10.7%).

The balance sheet structure of WashTec is unchanged solid. Compared with the 2016 year-end, the equity ratio went down from 40.1% to 35.4%, on a level with the same time a year earlier.Net cash flow decreased to EUR18.8m as of September (prior year: EUR28.5m). It should be noted in this connection that exceptionally large tax payments have been made this year on earnings from previous years, whereas in the prior year there was a refund of tax on investment income. Adjusted for these one-off items, the net cash inflow from operating activities increased by 3.0% or EUR0.7m.

Full-year outlook unaltered: revenue growth to at least EUR420m with EBIT margin at least 12.0%

The outlook remains unaltered relative to the half-year report. For the final quarter, the Company expects revenue of the same order as in the prior-year quarter.

General risk information
The forecast for the specified key performance indicators given in the Annual Report 2016 likewise continues to apply. Any outlook for 2017 is subject to uncertainties that could have a material effect on forecasted revenue and earnings performance.

The full Q3 report and further information about WashTec can be found on: www.washtec.de.

Information on WashTec:
The WashTec Group has its registered office in Augsburg, Germany, and is the leading supplier of innovative solutions for the car wash business worldwide. WashTec has more than 1,700 employees and has its own subsidiaries in all key markets in Europe, North America as well as China and Australia. WashTec also has a broad network of independent sales partners and is thereby represented in roughly 70 countries.

Key figures:

(Definition of key figures see at glossary of the Annual Report 2016)

EURm, IFRS Q1 - Q3-2017 Q1 - Q3-2016 Change in %
Revenue 312.5 259.8 +20.3
EBITDA 44.9 32.0 +40.3
EBIT 37.6 25.2 +49.2
EBIT margin 12.0% 9.7% -
EBT 37.2 25.0 +48.8
Net income 26.2 17.4 +50.6
Earnings per share (in EUR) 1.96 1.30 +50.8
Net cash flow 18.8 28.5 -34.0
Free cash flow 11.0 14.8 -25.7
EURm, IFRS September 30, 2017 Dec 31, 2016 Change abs.
Balance sheet total 236.7 218.1 +18.6
Equity 83.9 87.4 -3.5
Equity ratio 35.4% 40.1% -
Net financial debt 23.3 4.5 +18.8
Net current assets 97.7 91.5 +6.2
Employees 1,812 1,767 +45

* Basis: on average number of shares: 13,382,324

Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg

Tel.: +49 (0)821 - 55 84 - 0
Fax: +49 (0)821 - 55 84 - 1135

27.10.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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